A Sydney petrol station operator looking to expand in Melbourne has spent $3 million on a recently vacated facility in the west.
The price for 147-151 Devonshire Road, Sunshine, at the Braybrook border, reflects a land rate of $1285 per square metre.
The property is designed with a convenience store, car wash, mechanical repairs workshop and parking.
As well as occupiers and investors, it was targeted to developers – the 2333 sqm Neighbourhood Residential zoned site having the potential to make way for a multi-level apartment development.
Fifteen offers came in following an expressions of interest campaign which closed on December 3, CVA’s Leo Mancini, who represented the vendor with Matthew Alderman, said (story continues below).
“Many genuine and extremely qualified buyers were left over from this campaign who are quickly looking to acquire similar opportunities with immediate purchase and quick settlement,” the executive added of the backdrop for this kind of investment right now.
The Devonshire Rd property is 11 kilometres from the city. It is 1.5km from Sunshine train station.
Last week a Melbourne investor using WeChat from hotel quarantine in Beijing acquired a Cranbourne North petrol station for $7.3m – reflecting a 5.46 per cent net yield.